China's Pork Prices Up 3.4 Per Cent Last Week

by 5m Editor
6 July 2011, at 9:56am

CHINA - Pork prices rose 3.4 per cent week-on-week in the week ended 3 July, after an increase of 4.5 per cent the previous week, according to the Ministry of Commerce (MOC) on Tuesday.

Since early May pork prices have continued to rise in China mainly due to a domestic shortage of pigs and higher pig feed costs caused by rising grain prices.

Pork prices soared 40.4 per cent year-on-year and helped drive inflation to a 34-month high in May.

Pork is the most widely consumed and affordable meat in China, and its price weighs heavily on the consumer price index (CPI).

The MOC data also showed that during the week ended 3 July, the price of chicken rose 0.5 per cent while that of mutton gained 0.4 per cent. However, beef prices dipped 0.2 per cent.

The price of fish, rice, flour and cooking oil rose as well.